cryptocurrency

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SBF's Main Rival Is Also Going to Prison

Binance founder Changpeng Zhao gets 4 months

(Newser) - Former Binance CEO Changpeng Zhao was sentenced Tuesday to four months in prison for allowing rampant money laundering on the world's largest cryptocurrency exchange. Zhao pleaded guilty in November to one count of failing to take required anti-money-laundering measures and stepped down as Binance agreed to pay $4.3...

A Big Moment for Bitcoin Is Happening This Week
Bitcoin's 'Halving'
Is Almost Here
THE RUNDOWN
Apr 18, 2024 11:50 AM CDT

Bitcoin's 'Halving' Is Almost Here

Quadrennial event is like the 'World Cup for crypto believers'

(Newser) - A huge day for bitcoin is almost here. The halving—or, as some call it, the "halvening"—happens roughly once every four years, and the next one is expected Friday night. The event halves the supply of bitcoin available to miners daily, and surges in the price of...

Brooklyn DA Targets Crypto 'Pig Butchering' Scams

He says his office shut down 21 websites

(Newser) - Authorities in New York City said Thursday they disrupted an online fraud operation that stole millions of dollars by duping victims into making phony cryptocurrency investments. Brooklyn District Attorney Eric Gonzalez said his office seized 21 web domains that were being used by scammers in so-called "pig butchering" schemes,...

SBF: 'I'm Haunted, Every Day, by What Was Lost'

'I never thought that what I was doing was illegal,' says FTX founder Sam Bankman-Fried

(Newser) - Held up in Brooklyn's Metropolitan Detention Center, Sam Bankman-Fried at least has access to email, which he used to communicate with ABC News over the weekend, detailing his remorse for defrauding investors out of $8 billion. "I'm haunted, every day, by what was lost," said the...

SBF Gets 25 Years: 'My Useful Life Is Probably Over'

Sam Bankman-Fried is sentenced over cryptocurrency fraud

(Newser) - Sam Bankman-Fried is going to federal prison for a long time over his fraud conviction in the world of crypto, though not as long as prosecutors wanted. Judge Lewis Kaplan on Thursday sentenced the 32-year-old former wunderkind to 25 years related to the collapse of his FTX crypto exchange, which...

SBF Will Learn His Fate Today
SBF Will Learn His Fate Today
THE RUNDOWN
Mar 28, 2024 6:52 AM CDT

SBF Will Learn His Fate Today

Prosecutors are seeking up to 50 years

(Newser) - Former cryptocurrency kingpin Sam Bankman-Fried will be sentenced Thursday for crimes including wire fraud and conspiracy to commit wire fraud. There's no question that the 32-year-old will face years in federal prison but there's a big gap between recommendations from prosecutors and those from his defense lawyers, the...

Bitcoin Surges to a Record High
Bitcoin Defies Expectations
as It Hits a Record High
the rundown
Mar 5, 2024 10:10 AM CST

Bitcoin Defies Expectations as It Hits a Record High

Cryptocurrency reaches $69K

(Newser) - The roller coaster of bitcoin continues, this time with a high: The cryptocurrency reached a record-high price of $69,000 on Tuesday, reports the Wall Street Journal . The outlet cites Dow Jones Market Data, but the high mark differs slightly depending on the outlet. The New York Times , for example,...

Going on Trial: An Enduring Bitcoin Mystery

Craig Wright has long claimed to be creator 'Satoshi Nakamoto,' but court could settle the debate

(Newser) - One of the enduring mysteries of the cryptocurrency industry took center stage Tuesday in a London court where a trial could finally settle the debate over the identity of bitcoin's founder, the AP reports. Australian computer scientist Craig Wright entered the witness box at the High Court and testified...

Pastor Throws God Under the Bus After Fraud Charges

'The Lord told us to,' Colorado's Eli Regalado tells his flock

(Newser) - A pastor in Colorado stands accused of bilking his flock out of millions of dollars in a cryptocurrency scheme to fund a lavish lifestyle, reports NBC News . And in a video to his followers, Eli Regalado admits that he and wife Kaitlyn did indeed pocket $1.3 million in the...

SEC Reluctantly Approves New Bitcoin Funds

Agency says action 'did not approve or endorse bitcoin'

(Newser) - The Securities and Exchange Commission reluctantly approved the first exchange-traded funds that hold bitcoin Wednesday, saying that it is still deeply skeptical about cryptocurrencies and that it "did not approve or endorse bitcoin" in its decision. The SEC said it is finishing the approval of 10 exchange-traded funds for...

Bitcoin Price Spikes After SEC's X Account Hacked

Agency says post about ETF approval was 'unauthorized'

(Newser) - The Securities and Exchange Commission says a post from its X account that caused a spike in the price of bitcoin was the work of hackers. The post claimed that the SEC had granted approval for bitcoin exchange-traded funds, known ETFs, "for listing on all registered national securities exchanges,...

Prosecutors: No Need for 2nd Trial of FTX Founder

Prosecutors say there would be harm, no benefit, in trying SBF again

(Newser) - A second trial of FTX founder Sam Bankman-Fried on charges not in the cryptocurrency fraud case presented to a jury that convicted him in November is not necessary, prosecutors told a judge Friday. Prosecutors told US District Judge Lewis A. Kaplan in a letter that evidence at a second trial...

Roller Coaster Bitcoin Is Clocking Big Gains

Cryptocurrency is above $40K again, up 150% this year

(Newser) - Bitcoin is once again having a moment. On Monday, the world's largest cryptocurrency soared past $41,000 for the first time in over a year and a half—marking a 150% rise so far this year, per the AP . Volatile bitcoin rocketed from just over $5,000 at the...

Ronaldo Faces $1B Suit Over Endorsement of Binance

Soccer star pitched NFTs tied to his career

(Newser) - A year ago, soccer star Cristiano Ronaldo offered fans a deal that he said would reward them "for all the years of support." He had partnered with Binance on a collection of non-fungible tokens celebrating "an iconic Ronaldo moment." The investment didn't pan out for...

How Billions of Stolen Bitcoin Stayed Hidden—Until a Slipup

Jimmy Zhong stayed under the radar for nearly a decade, until he made a banking error

(Newser) - The 2012 mystery of who stole a bundle of bitcoin that eventually ballooned to $3 billion in worth puzzled authorities for the better part of a decade, but in 2019, Jimmy Zhong finally made an error that led them to his doorstep. CNBC's investigative report delves into how Zhong...

Another Giant in World of Crypto Goes Down

Changpeng Zhao of Binance pleads guilty to money-laundering charge, plans to step down as CEO

(Newser) - The founder of Binance, the world's largest cryptocurrency exchange, pleaded guilty Tuesday to a felony charge that he failed to take steps to prevent money laundering following an investigation by the US government. CEO Changpeng Zhao's company also agreed to pay more than $4 billion in fines and restitution....

Inside a Crypto Fugitive's Luxury Life on the Lam

Wall Street Journal details how Do Kwon spent 6 months on the run

(Newser) - South Korean crypto tycoon Do Kwon is giving Sam Bankman-Fried a break from headlines this week as the Wall Street Journal profiles his elusive international escape after his company Terraform Labs went belly up last year. For a little backstory, two of Terraform Labs' tokens, TerraUSD and Luna, crashed in...

Judge to Sam Bankman-Fried: 'Just Answer the Question'

FTX founder is 'vague,' 'curt' under cross-examination

(Newser) - The cross-examination of Sam Bankman-Fried, founder of failed cryptocurrency exchange FTX, began Monday; it was SBF's second day on the stand after testifying in his own defense Friday. On that day, some of his answers were so lengthy and meandering the judge asked him to stop talking . On Monday,...

As SBF's Trial Plows Ahead, Questions Arise on His Parents

Bloomberg details Joe Bankman, Barbara Fried's influence and involvement in FTX crypto empire

(Newser) - Last December, FTX founder Sam Bankman-Fried insisted to the New York Times that his parents, Joseph Bankman and Barbara Fried, "weren't involved in any of the relevant parts" of his now-defunct cryptocurrency business. Writing for Bloomberg , Max Chafkin and Hannah Miller dive deeper into that murky relationship, coming...

Bitcoin Surges, Then Falls Thanks to a Bogus Tweet

Price surges 10% in minutes, then falls again, over misinformation involving the SEC

(Newser) - The world maybe didn't need another example of the volatility of cryptocurrency, but it got one anyway on Monday. The price of bitcoin jumped about 10% to nearly $30,000 in a matter of minutes, all thanks to a bogus news report, reports Insider . The price then quickly shed...

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